78-5971R~L
RESOLUTION N0. 5971
RESOLUTION AUTHORIZING TRANSFERS FROM IMPROVEMENT BONDS OF 1959,
IMPROVEMENT BONDS OF 1960 AND WATER UTILITY FUNDS TO II~iPROVEMENT
BONDS OF 1962 FUND AND REDUCING CERTAIN AD VALOREM TAX LEVIES
WHEREAS, Resolution No. 2726 provided for the sale of $2,500,000
Improvement Bonds of 1962 and provided for taxes to be
levied for the repayment of principal and interest there-
on, and
WHEREAS, It appears desirable to cancel or reduce such ad valorem
tax levies to be levied in 1978 to the extent that such
reduction is possible by reason of transfers from the
Improvement Bonds of 1959 Fund, the Improvement Bonds of
1960 Fund and the Water Utility Fund, and
WHEREAS, There is presently sufficient funds available in the
Improvement Bonds of 1959 Fund and the Improvement Bond
of 1960 Fund to pay all remaining principal and interest
on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1959 Fund
and from the Improvement Bonds of 1960 Fund shall be
surplus monies not needed for the payment of principal
and interest on such bonds, and
~--VHEREAS, Such transfer shall be charged to the Water Utility Fund,
and
WHEREAS, .The ad valorem tax levy requirement includes a 5o excess
provision.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota as follows:
1. That the transfer. and appropriation of $10,000
from the Improvement~Bonds of 1959 Fund to the
Improvement Bonds of 1.962 Fund is hereby author-
ized and directed.
2. That the transfer and appropriation of $13,767
from the Improvement Bonds of 19.60 Fund to the
Improvement Bonds of 1962-Fund is hereby author-
ized and directed.
3. That the transfer and appropriation of $12,927
from the Water Utility Fund to the Improvement
Bonds of 1962 Fund is hereby authorized and
directed.
4. That the amount to be levied in 1978, collectible
in 1979, on Resolution No. 2726, in the amount of
$38,625 is hereby cancelled.
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5. That a copy of this resolution shall be sent to
the Hennepin County Auditor.
Passed by the City Council of the City of Ric i d, Minnesota this
5th day of October, 1978. r /~ ~
rc~i L . Law ~` / Mayor
ATTEST;
~,%
Thomas J. Mo>an, City Clerk
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